Blockchain, the decentralized digital system that holds a record of transactions on a chain of computers, has been a gamechanger for many essential industries. The blockchain system provides these sectors security by validating and verifying transactions before making them a permanent and irreversible part of the blockchain.
Blockchain’s decentralized nature also offers financial independence, helping participants run transactions free from the costs of middlemen like brokers or financial institutions. This autonomy also makes blockchain transactions faster than conventional systems from traditional institutions like banks.
With all these benefits, it’s no wonder that the following three critical industries are leveraging blockchain:
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Real Estate
The real estate industry has traditionally been known for its ambiguity. But the Nobul Corporation is changing that across the United States and Canada. For one, their award-winning real estate technology platform called Nobul provides buyers and sellers unparalleled transparency by unmasking agent commissions and stats. It also provides users access to genuine reviews of agents from people who have actually used them.
Additionally, Nobul carries a blockchain component that makes it easier for relevant parties to track and manage some of the following vital contracts between consumers and agents:
- Listing agreements
- Buyer representation agreements
- Broker-to-broker referrals
- Working with a REALTOR
According to Nobul chairman and CEO Regan McGee, the blockchain is adding transparency, choice, accountability, and simplicity to the process of buying and selling homes.
McGee shared in a PR Newswire press release, “At Nobul, we plan to make the entire real estate journey for home buyers, sellers, and their agents as simple and easy as possible, and we believe that blockchain is part of the solution.”
Security is understandably a major concern for many first-time homebuyers. After all, it’s one of the most significant transactions of their lives. Here too, blockchain may be part of the solution.
“Blockchain will not only help users through the arduous contract process but will also give them a sense of comfort knowing that their contracts are safe and secure, and most importantly a sense of trust that Nobul’s platform will provide a level of transparency and audibility that is missing in the industry today.”
Automotive
The automotive industry is leveraging blockchain for convenience, transparency, and trackability, benefiting producers and consumers.
- Manufacturers are utilizing contracts powered by blockchain for greater visibility and security in their supply chain finance relationships.
- The automotive industry is fighting counterfeiters by making authentic spare parts identifiable on the blockchain.
- Blockchain makes supply chain information accessible nearly immediately, helping automobile companies track and recall parts for safety-related issues.
- With blockchain’s transparency, all participants in the car manufacturing process can coordinate better for smoother operations.
- Blockchain-based micropayment systems are helping drivers seamlessly pay costs like software upgrades, tolls, parking, and charging.
Healthcare
Like other sectors, the healthcare industry is improving supply chain communication thanks to blockchain technology. When the movement of pharmaceutical products is recorded on the blockchain, it allows retailers, pharmacies, and other customers to track goods and complete drug recalls. For example, an FDA pilot for drug supply chain security found that the recall notification process took mere seconds rather than days on a blockchain system. This system can also help the healthcare industry isolate counterfeit drugs and fake medical products.
One report found that 90% of hospitals and clinics lose their patient’s data, negatively impacting their ability to deliver care. Perhaps that’s why technology companies like IBM are building blockchain networks to ensure the integrity of customer and employee data in the healthcare industry.
More sectors will embrace the technology as familiarity and confidence with blockchain increases. The result will be improved security, accountability, and communication for industries worldwide.
About Carson Derrow
